Monday, June 27, 2022

US Market Wrap 06/27/2022

 - After a strong surge last week, stocks dipped as investors rebalanced their portfolios in the last few days of the quarter.

- The S&P 500 struggled to find direction for most of the day at the beginning of a week that is predicted to be volatile and lacking conviction on a market low.

- The Treasury yields increased as the tech-heavy Nasdaq 100 faltered. Dollar prices were little changed.

- A confluence of factors, including aggressive Fed rate rises, impending recession worries, and disturbing inflation numbers, continue to have an impact on market confidence. Until investors are certain that the United States has dodged a recession, the market isn't coming around, according to Kristen Bitterly of Citi Global Wealth Management, "and we are not there yet."

- Prominent Wall Street voices are beginning to believe that the amount of optimism over the business side may be seriously in need of a reality check. According to statistics from a major newswire, analysts anticipate that the S&P 500 businesses' profits would increase by 10.7%, up from 10% a month ago and 8.7% at the beginning of the year.

- Market volatility sparked by fears of a recession is also behind the current trend of corporate-and sovereign-bond deals getting withdrawn. Issuers have pulled 16 transactions globally so far this month.